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Posted on: May 24th, 2013 by AlYunaniya Staff No Comments

Greece: Troika to return June 4


photo: ND flickr

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Troika returns to Greece on June 4, according to an announcement yesterday by IMF spokesman Jerry Rice.

The team will stay in Greece for about two weeks during which it will monitor the country’s finances. During the standard media briefing in Washington, Rice said that currently the IMF is focusing on the third evaluation of the Greek programme and the country’s commitment on its prerequisites, Reuters informs.

He reiterated the need to reduce the Greek debt by saying that a new reduction is required to keep the program from derailing. “Our estimates show that it will take a further easing of the Greek debt to achieve the objectives of the programme,” Rice said.

However, he added that he does not expect any further discussions on the participation of the official sector “at this stage” and denied that the IMF will accept a haircut on the loans it has given to Greece.

“The Greek economy is entering a new phase. The programme is on the right track. The recovery is expected to begin next year with positive indicators from quarter to quarter,” Finance Minister Yannis Stournaras said inter alia at the conference organized by the Bank of Greece entitled “The crisis in the Euro-Area,” presenting the 10 economic policy points implemented by Greece.

According to tovima.gr, Stournaras also said that so far the country has carried out two thirds of the required fiscal adjustment for the period 2010 – 2016, it has achieved the required adjustment on competitiveness, but the whole procedure will take patience and dedication.

“Doomsday prophets have been dashed. Greece remains in the Eurozone, while confidence in the country is rapidly restored. The main objective now is to achieve a primary surplus in order to invoke the clause agreed at the Eurogroup in November for a drastic reduction of the state debt. This will strengthen the positive climate and accelerate our exit from the crisis.”

He added that the completion of the recapitalization of banks is necessary to restore the flow of credit.



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